McCain Leans Towards Supporting Bailout Plan

By John Bentley

September 28, 2008 / 11:25 AM
/ CBS News

(CBS)

From CBS News' John Bentley:

(WASHINGTON, D.C.) – John McCain issued a tentative endorsement of the bailout package still being hammered out here this morning. "The outlines that I have read of it, that this is something that all of us will swallow hard and go forward with," McCain told George Stephanopoulos this morning on ABC's "This Week," adding that the provisions he wanted included in the legislation have been met. "Protect the taxpayer, make sure that there isn't excessive compensation for CEOs, an oversight body, not leaving all the decisions in the hands of one individual. There's other provisions that I think are met here."

McCain did not seem willing, however, to endorse another stimulus package. "We did a stimulus package a few months ago, as you well know. It had very little beneficial effect," McCain said. "I would like to see incentives for businesses to be grown and locate. That's lower taxes."

McCain often talks on the campaign trail about lowering the U.S. business tax, which is currently at 35%, as a way of making businesses more competitive and therefore more prone to investing in the communities where they're located.